Mastermind of $147 Million Crypto ‘Scam of Epic Proportions’ Sentenced to 10 ...
The mastermind of what the U.S. Department of Justice calls a scam of “epic proportions” has been sentenced to 10 years in prison. His crypto scheme collected over $147 million, duping 72,000 investors. He is also ordered to pay the U.S. Internal Revenue Service more than $1.8 million for tax evasion. Scam Involving Fake Cryptocurrency The U.S. Department of Justice (DOJ) announced Monday that a California man, Steve Chen, has been sentenced to 10 years in federal prison for his “leading role” in a major crypto fraud case. Judge John Walter called Chen’s....
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The mastermind behind a $25 million cryptocurrency debit card scheme has been sentenced to one year and one day in prison, in addition to three years of supervised release. The authorities have also seized his cryptocurrency. $25 Million Crypto Credit Card Scheme The U.S. Department of Justice (DOJ) announced Tuesday that Robert Joseph Farkas, also known as RJ, was sentenced to “one year and one day in prison” on Dec. 15. The sentencing was in connection with defrauding investors of more than $25 million in digital tokens issued by Centra Tech, a Miami-based company he....
An alleged mastermind of a cryptocurrency scam has been arrested in India after he fled the country to Dubai. Investors were duped into investing in a cryptocurrency linked to a crypto exchange he established. The scheme also promised investors a monthly return of 20%-30% on investments. Alleged Kingpin of Crypto Scam Arrested An alleged mastermind of a cryptocurrency scam, Umesh Verma, was arrested at the Indira Gandhi International Airport on Thursday as he arrived from Dubai. Local media reported that he was arrested “on charges of duping at least 45 people to the tune of Rs 2.5....
Nigeria’s Economic and Financial Crimes Commission (EFCC) is seeking the public’s help in locating Omotade Sparks Amos Sewanu, the mastermind behind the Inksnation crypto scam. According to a notice published in the local media on November 11, the EFCC wants Sewanu to respond to fraud charges relating to Inksnation’s purported crypto token- Pinkoin. The Inksnation scam, which gained popularity just before the start of lockdown restrictions, has duped many Nigerians with its promise of a lifetime income. Interested investors are asked to choose from five different....
The mastermind behind a large-scale Twitter hack to promote a bitcoin giveaway scam has pleaded guilty and been sentenced to three years in prison. During the hack, a number of high-profile companies, politicians, and celebrities saw their accounts taken over to promote the cryptocurrency scam. Graham Ivan Clark, the Florida teen who hacked prominent Twitter accounts to promote a bitcoin giveaway scam in July last year, reportedly pleaded guilty on Tuesday to all state charges against him in exchange for a three-year sentence in a juvenile facility. He also agreed to three years of....
The US government says it has extradited Gutemberg Dos Santos, the co-founder of the Airbit Club Ponzi scheme from Panama and he now awaits his trial in a Manhattan court. Dos Santos is facing charges relating to his role in perpetuating a “cryptocurrency” scam which defrauded victims of “tens of millions of dollars.” Fraudulent Claims According to the US Department of Justice (DOJ), Dos Santos and five accomplices are accused of falsely promising victims that they will earn passive income from cryptocurrency mining. However, investigations found that “no....